Canada-based transportation provider Mullen Group has big spending plans for 2025.
The conglomerate, which provides services such as LTL, warehousing and logistics, plans to increase its capital investments to $100 million in 2025 and also spend $150 million in acquisitions, according to a Monday announcement.
The company will primarily spend on improving its business units. Mullen Group did not immediately respond to a request by Trucking Dive to clarify, but rolling stock has taken up the bulk of its capital expenditures in the past.
The breakdown of its planned investments for 2025 consists of:
- $85 million for operating capital
- $10 million for real estate, covering “facilities, land and buildings”
- $5 million for emissions-reduction and sustainability efforts
“Establishing growth targets for 2025 assumes we find acquisitions that fit into our current network,” Board of Directors Chair and Senior Executive Officer Murray Mullen said in a statement, noting the company will start the new year with around $125 million in cash and untapped bank lines of $525 million.
That M&A could help the company achieve its target of 10% growth next year.
The capital spending plan comes a year after the company projected $80 million in capital investments in 2024. As of the end of Q3, that year-to-date spending was $48.2 million for new operating equipment and $1.6 million in facilities.
Mullen Group’s LTL network and specialized and industrial services are largely in western Canada, and its LTL first and final mile network is the largest in western Canada and Ontario, the company says.
Its logistics segment spreads across the U.S. for truckload, specialized trucking, intermodal and transload, and its warehousing also serves all of North America.
